GE exits LPG

India’s Great Eastern Shipping has quit the LPG sector after selling its last gas carrier.

The company said on Thursday its 75,000-cbm VLGC Jag Vidhi (built 1990) will be delivered to unnamed buyers in the second half of its financial year running to 31 March, 2015.

The vessel was opened up for inspections in Ennore, India, in March.

It was bought as Pacific Harmony for $19.5m in 2012, but sources said it might fetch less than that.

In a statement to investors, GE did not say how much it has secured for the VLGC, which prices at $18.6m.

Brokers say the owner had been looking to secure between $25m and $30m for the vessel. It is suggested the final sale price may have been around $24m.

The owner is left with tankers, bulkers and offshore vessels.